Trustability, Trustworthiness, Integrity and Ethics

Consumer insights on trustability

Great webinar by Don Peppers, founding partner of the Peppers & Rogers Group, on behalf of Vovici this past week entitled, “Transparency, Trust and Customer Feedback.”

Some interesting technology factoids:

  • 25 million+ Google searches are taking place every hour — 24 x 7
  • Supply of technical information is doubling every two years
  • Younger generation consider email old-fashioned
  • One of every eight couples (12.5%) getting married in the U.S. first met online

To be successful in today’s marketplace, you must have a relationship, based on trust, with your customer.  You achieve this by:

  • Addressing customers as individuals
  • Providing value and meeting the individuals’ needs
  • Interacting and serving them in a cost and time-efficient way
  • Customizing your behavior, offerings and communications so they are relevant to the individual
  • Obtaining feedback that provides customer insights based on customer experience

We are in an age of transparency.  According to a survey by Forrestor:

  • 83% of consumers trust the recommendations of their friends; as such, referrals continue to be critical to business success
  • >50% trust online recommendation from complete strangers — no hidden agendas
  • 14% trust advertising

The most important quality in any human interaction is trust.  If the relationship is going to flourish, trust is a key element of the relationship.

Trust must be based on empathy, not just profits.  Empathy means taking the customer’s point of view and doing what’s right by them, not taking advantage of them.

Don provided a great example when he went to order a book from Amazon and the website asked him if he was sure he wanted to buy the book since he had already purchased a copy.

Amazon.com gave up short-term revenue and profit to gain long-term trust.

When will banks begin warning you before they charge you an outrageous overdraft fee?

How about phone and cable companies that keep you in a rate plan that is not in your best interest based on a known history of use?

Not to mention pharmaceutical companies making inconsequential changes in medications to keep your doctor prescribing the ethical (oxymoron?) product versus the generic with a 10x price difference.

The list of companies who take advantage of customers rather than helping them make the right decision for their particular situation is very long.

What are you and your company doing to enhance the trust your customers have in you, your products and your services?

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About Insights From Analytics

Integrated marketing professional who generates insights from analytics to increase revenue. Daily blog now resides at www.insightsfromanalytics.com/blog.
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